Date:Thursday June 17 2010
A couple of weeks ago as fans representatives we put a number of questions to new Pompey Ckief Executive David Lampitt. Johnny Moore the club`s Press & Supporters Liaison Officer put the questions to David and here are his answers -
1. What is the current position regarding former board members at Fratton Park and any ongoing roles they may have at the club?
Former chief executive Peter Storrie was retained by the Administrators as a consultant for the club. He is assisting with player sales but is no longer at the club or involved in its day-to-day management. We understand there are concerns about the involvement of past directors and the new CEO is working to ensure the Club has an appropriate management structure going forward.
2. Will there be an investigation into past transactions at the club?
The Administrators are currently investigating the conduct of the directors and the affairs of the company. In addition, the liquidator of the company will also investigate once the club is put into liquidation.
3. What will happen to future revenue streams like parachute payments, income from player sales and television rights?
These income streams all form part of the business plan to take the Club forward. The funds will be used to meet the club`s ongoing obligations including, for example, the CVA payments to creditors, the payment of football creditors, as well as the day-to-day running costs of the Club.
4 What is the process of selling the club once it comes out of the CVA?
If the CVA is approved the joint administrators would seek to transfer the business and assets of the club into a new company.
The new company would then trade as the football club in the Championship and would be obliged to pay contributions to meet the requirements of the CVA.
5 If Balram Chainrai chose to take his money out of the business how would this happen?
Any new owner is required to provide proof of funding to the Football League before the membership of the League is transferred. Mr Chainrai is owed money by the company and there are a number of ways that this could be returned to him, for example through repayment out of working capital, payment from proceeds of any future sale of the club, or the amounts could be repaid as part of a refinancing of the debt.
6 Why did David Lampitt take this particular job?
David considers his appointment a personal and professional challenge. During seven years at the FA he oversaw key areas of work including the promotion of good governance at football clubs. As such the role at Pompey gives him the opportunity to put his experiences into practice as he seeks to rebuild the club on sound financial and moral footings.
David has said that his decision to take on the challenge was also influenced by the fact that he sees the club as having some of the key building blocks for the rebuilding process in that it has a fantastic supporter base which has shown remarkable character in extremely testing circumstances, and a loyal and dedicated staff. He has said that restoring trust between the fans and those running the club is a key foundation on which the new Pompey needs to be built.
7 Will the tax charges against the former Portsmouth owner Milan Mandaric and other ex-employees impact on the club?
It is unlikely that the outcome of these charges will have any implications for the club, either in a legal or footballing context. We would very much hope that the club under new ownership and management will be able to move forward from past events on a new footing.
8 What other appointments onto the board are likely?
It is too early to say. These decisions would be made by the new company whose creation is proposed if the CVA is approved.
9 What is the position regarding the appointment of a manager and the signing of new players?
We are in advanced discussions in relation to the managerial appointment; potential new signings have been identified and the recruitment process is also underway.
10 Considering the club`s precarious financial position, who is paying David Lampitt`s salary?
David`s salary is a normal trading cost borne by the administration of the club. David was brought in to assist the Administrators with the day-to-day running of the Club.
11 Andrew Andronikou says selling the club to Balram Chainrai is 'Plan B` if no one-else steps in. Given that the club can remain in administration for the duration of next season, will the club only sell to Chanrai as a last resort if the search for a buyer fails to unearth anyone else?
Keeping the club in administration for a lengthy period of time is not an ideal scenario for a number of practical reasons, not least cost. The priority is to find a new owner as soon as possible to provide the club with the stability it needs to move forward.
Obviously these answers came before the today`s news of the CVA being agreed but I hope they give fans some more information. David has asked to meet fans representatives over the coming weeks and the club plans to continue meeting with all fans groups including those such as Northern Blues and South West and South Wales when on the road.
Date:Thursday June 17 2010
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